The post Canadian Dollar catches thin bid on holiday-constrained market flows appeared on BitcoinEthereumNews.com.

The Canadian Dollar rose nearly half of a percent against the Greenback. Canada is almost entirely absent from the economic calendar this week. Thin data and low holiday volumes bode poorly overall for CAD bulls. The Canadian Dollar (CAD) caught a thin bid on Monday, rising a little over four-tenths of one percent against the Greenback as tepid markets round out the 2024 trading season. Investors are caught in a volatility trap ahead of the midweek market closure, with most of the global market space remaining off for the week. Canadian economic data remains limited this week, and Loonie markets will be kicking off 2025 with a whimper with the only datapoint of note being Thursday’s Canadian Manufacturing Purchasing Managers Index (PMI) figures. US markets will follow up with ISM Manufacturing PMI numbers on Friday. Daily digest market movers: Markets hunker down amid holiday trading doldrums The CAD rebounded 0.4% against the USD to start the new trading week, but meaningful momentum remains limited. The Loonie is still trading close to multi-year lows against the Greenback. Canadian and US markets will be shuttered for New Year’s Day on Wednesday. Canadian and US PMI figures are due after the midweek shutdown. Both survey result indexes are expected to tick lower as business expectations cool heading into the post-holiday slowdown. Canadian Dollar price forecast The Canadian Dollar is adrift near multi-year lows against the US Dollar, bolstering the USD/CAD pair into the 1.4400 chart region. Despite this, the key technical level appears to be holding, but a clear lack of bullish momentum underpinning the Loonie is keeping the pair well-bid. A medium-term bull run in the US Dollar saw USD/CAD close higher for all but two of the last 12 straight trading weeks, lifting the Greenback 7.8% higher against the Loonie bottom-to-top.…

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Filed under: News - @ December 30, 2024 7:26 pm